Pakistani President Asif Ali Zardari completed his five-year term and stepped down as president Sunday , the state-run Associated Press of Pakistan reported .

Mamnoon Hussain of the ruling Pakistan Muslim League-N party will be sworn in Monday as Zardari 's successor .

Hussain , a well-known businessman from the southern city of Karachi , was elected to the largely ceremonial role in a vote by federal and provincial politicians across the country .

Hussain is a close ally of Prime Minister Nawaz Sharif . Zardari and Sharif are longtime political rivals .

The presidency was more powerful under Pervez Musharraf , the army general who held the office from 2001 to 2008 after he led a 1999 military coup . But after Zardari became president , a constitutional amendment reduced presidential powers in April 2010 .

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Mamnoon Hussain will be sworn in as president on Monday

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Hussain is a close ally of Prime Minister Nawaz Sharif

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He is a well-known businessman from the southern city of Karachi